IEC, Tamar partners revise gas supply deal

Image courtesy of Delek Drilling

Delek Group informed that Tamar partners have signed an amendment to the agreement signed previously with Israel Electric Corporation concerning the increase of quantities of gas delivered from the field.

According to the amendment, the quantity of gas delivered to IEC will increase in January 2017, and will run until the end of 2018, not 2019 as it was agreed initially, Delek Group’s statement reveals.

This entails the commencement of the second option period and the increase in the quantity of gas delivered to IEC in January 2019, a year before originally planned.

The minimum amount under the take or pay agreement starting in January 2019 will be 3 billion cubic meters of gas.

The contractual amount, for the entire duration of the contract, has remained unchanged at 86 billion cubic meters.

The Israeli anti-trust authority confirmed the amended option dates while the revised agreement is now subject to receiving the approval of Tamar partners financing bodies.

Partners in the Tamar field are Noble Energy with a 36 percent stake, Isramco Negev with 28.75 percent, Avner Oil Exploration and Delek with 15.625 percent stake each, with Dor Gas owning a 4 percent stake.